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What COVID-19 has revealed about remote auditing
Three insights and remote auditing techniques in the wake of the pandemic
Large organizations around the world have pivoted to remote work amid the COVID-19 pandemic. And to a remarkable extent, many have continued to carry out much of their business operations, especially compared to the macro-environment in which some industries and smaller businesses that interact directly with their customers are struggling more with the work-from-home shift.
Pivoting to a remote audit
Recently, we checked in with the CFOs of 113 large North American companies. In terms of revenue, nearly three-quarters say their companies are at 80 percent capacity or higher. And about two-thirds of the CFOs say no more than 10 percent of their workforce is working at less than half capacity.
Deloitte made the pivot as well. For the roughly 11,000 professionals in our audit and assurance business, remote work suddenly became a consistent reality. The COVID-19 crisis in the United States broke just as year-end audits were wrapping up and first-quarter filers were about to begin. But we did it largely due to more than a decade of investments in our organization’s digital transformation. Through the current crisis, we realized three important insights that may help other businesses navigate the brave new world of scaled digital working.
Remote auditing insights
Resilience in volatile times
The digital transformation journey isn’t over—it will never be, as digital transformation by definition is change. Opportunities are ever-evolving and the risk of unpredictable events will remain. But a steadfast commitment to a culture of courage for a workforce to confidently manage the unexpected with a full toolbox can help steady the course of business, even when the outlook is beset by uncertainty.